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Leading cryptocurrency derivatives exchange, FTX has moved to set up it’s headquarters in the Bahamas.

Announced on the 24th September by its CEO, Sam Bankman-fried on Twitter.

The Bahamas is a country on the northwestern edge of the West Indies. It was formerly a British colony, but became an independent country within the Commonwealth in 1973.

The country, according to the FTX boss, is one of the places that has setup a comprehensive framework for cryptocurrency.

With a population of about 400,000 people, the country is becoming home to the world’s largest cryptocurrency derivatives exchange.

FTX has been operating from Hong Kong over the past years since it was established in 2018 and in few months ago closed a funding round of $900 million giving it a valuation of $18 billion.

Three week ago, the company announced the launch of its marketplace for non-fungible tokens (NFT).

Prior to the United States Presidential elections which took place eleven months ago, CEO of FTX, Sam Bankman Fried, made a donation to the election campaign of President Biden.

The leading cryptocurrency derivative and leverage platform has been making giant moves in the recent months. The company a few days ago announced its partnership with the Mercedes-AMG Petronas F1 team.

Under this partnership, the FTX logo will be added to the cars and uniforms of both Lewis Hamilton and Valteri Bottas for the period of several race seasons.

To be revealed on the 26th of september at the upcoming Russian Grand Prix, the branding will continue all through the 2022 season.

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